where orders emerge

Hazlett on the Global Village

No one is better informed — and wiser — about the institutions and economics of modern communications technologies and cyberspace than is my colleague Tom Hazlett. His essay in today’s Financial Times is a wonderful read. Here’s his concluding paragraph:

The point is not that “closed” beats “open,” but that capitalism
accommodates both. Rules need not be changed to embrace the revolution.
Markets thrust revolutions upon us, boldly and magnificently, far more
often than we care to remember.